A quick look at the markets ‌for the week ending November 10, 2023

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30-Year Fixed Mortgage Rate Movement
This week’s Fed member speakers tried to cool expectations for rate cuts and affirm their resolve to bring down inflation.
The segment of U.S. households with $1 million to $5 million in investable assets has jumped almost 60% over the past 16 years.
New unemployment claims were down last week. Layoffs remained low even as the still-strong job market showed some signs of cooling.
Mortgage application volume climbed 2.5% last week as rates fell. Purchase apps rose 3% for the week, and refi apps were up 2%.
Inventory was up 0.7% for the week to 567K single-family homes listed for sale. Even in a tight market, 39% of those homes have had a price cut.
Of new homes completed last year, 19% had a garage that could hold 3 or more cars. Two-car garages were in 66% of new homes.
“When I was young, I observed that nine out of every ten things I did were failures. So I did ten times more work.”
George Bernard Shaw